VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Spirit Exploration, Inc. (PINK SHEETS:SPXP) is pleased to announce that it has filed its audited consolidated financial statements on Pinksheets(i). "We have completed our audit for the year ended 2006 and for the first three quarters of 2007. We have reached this major milestone in the growth of Spirit in a very short time. I am confident that Management and the Board of Directors will continue to execute Spirit's business plan for the benefit of the shareholders," stated Terry Fields, CEO of Spirit. "This is a proud day for Spirit shareholders and management: completing our audits is another step to becoming a fully reporting company that will facilitate our transition to a more senior exchange. We will maximize shareholder value by going fully reporting and giving both retail and institutional investors the confidence they need to invest in Spirit for long term profits. This was a necessary step in continuing the growth of the Company and its assets and creating a culture of corporate transparency and respectability in the marketplace," stated Peter Laipnieks, President.

About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Included in these properties are several land packages that can be joint-ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.

Forward-Looking Statements: Certain information and statements included in this release are intended to constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.